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Civil Justice - Newsroom

Insolvency: Commission recommends new approach to rescue business and give honest entrepreneurs a second chance

Date: 12/03/2014

The European Commission has today set out a series of common principles for national insolvency procedures for businesses in financial difficulties. The objective is to shift the focus away from liquidation towards encouraging viable businesses to restructure at an early stage so as to prevent insolvency. With around 200,000 businesses across the EU facing insolvency and 1.7 million people losing their jobs each year as a result, the Commission wants to give viable enterprises the opportunity to restructure and stay in business.

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